Oman fund among investors in Hong Kong power IPO

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Li Ka-shing's Power Assets Holdings Ltd said on Sunday it received initial commitments worth nearly $1.34 billion from two investors for a Hong Kong initial public offering of its electricity business.

Power Assets will spin off the business into HK Electric Investments, a single-investment trust, offering 4.43 billion units in an indicative range of HK$5.45-HK$6.30 each, the company added in a filing to the Hong Kong stock exchange. That would put the deal at up to HK$27.91 billion ($3.6 billion).

Government-owned State Grid Corp of China agreed to make the largest commitment as a cornerstone investor, pledging up to HK$10 billion, while Oman Investment Fund agreed to buy HK$387.5 million ($49.5m), the filing said.

Cornerstone investors receive a guaranteed allocation in exchange for agreeing to retain their stakes for a set period.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai flexes legal muscles as financial court system grows

Dubai flexes legal muscles as financial court system grows

Landmark ruling by the court system in Dubai's financial free...

Finance talk with RAKBANK

Finance talk with RAKBANK

StartUp sat down with RAKBANK’s head of personal banking, Ian...

Tips from the top: Hisham Al Gurg

Tips from the top: Hisham Al Gurg

High profile investor and entrepreneur Hisham Al Gurg discusses...

1
Most Popular
Most Discussed